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Friday, February 16, 2007
Thursday, February 15, 2007
Condo Conversion's in Central Florida
Condo conversions, a transformation of a rental property into a individual units for resale which also changes the legal status of a property, has been very popular in Florida for decades. For a seller, the condo conversion process represents a way to legally separate and sell existing "apartments" one or more at a time. For a buyer, the process represents a less costly way to enter the home ownership market since a condo unit is typically much more affordable than a multifamily building. For a lender, the condo conversion represents increased and stable buying power.
Apartment complex owners across Florida are converting rental units into condominiums for sale, capitalizing on the hot housing market. A handful of state laws are designed to protect renters, allowing them to renew their leases for a limited time. Other laws require that renters be given the first opportunity to buy a unit. About 10 percent to 15 percent of renters typically buy a unit when their property is converted to condominiums.
A condominium consists of an individually-owned "Unit" and a share of group-owned "Common Area". The "Unit" is the space within the walls, floors and ceilings of a dwelling, and the "Common Area" is the remainder of the property. Owners pay their own mortgages, property taxes, and utilities, plus monthly "Condo Homeowners' Association Dues" to cover repair and insurance of the Common Area. A lengthy document called the "Covenants, Conditions and Restrictions" or "CC&Rs" establishes the rights and duties of the condominium owners.
Apartment complex owners across Florida are converting rental units into condominiums for sale, capitalizing on the hot housing market. A handful of state laws are designed to protect renters, allowing them to renew their leases for a limited time. Other laws require that renters be given the first opportunity to buy a unit. About 10 percent to 15 percent of renters typically buy a unit when their property is converted to condominiums.
A condominium consists of an individually-owned "Unit" and a share of group-owned "Common Area". The "Unit" is the space within the walls, floors and ceilings of a dwelling, and the "Common Area" is the remainder of the property. Owners pay their own mortgages, property taxes, and utilities, plus monthly "Condo Homeowners' Association Dues" to cover repair and insurance of the Common Area. A lengthy document called the "Covenants, Conditions and Restrictions" or "CC&Rs" establishes the rights and duties of the condominium owners.
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